Inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014
Ekosem-Agrar AG is in a financial crisis due to the impact of the Russia-Ukraine conflict and convenes noteholder meetings for the restructuring of the bonds
5 April 2022 15:00 Ad-hoc Announcements
Walldorf, 5. April 2022 - The management board of Ekosem-Agrar AG announces that the company is in a financial crisis due to the impact of the Russia-Ukraine conflict. The main reasons for this are, on the one hand, that input materials payable in euros and USD, such as seed, fertiliser and spare parts for agricultural machinery, have become considerably more expensive and that the procurement of input materials has been affected, in some cases massively, in terms of delivery capacity and logistics. On the other hand, the capital market refinancing of companies with a connection to Russia and the supply of liquidity have become considerably more difficult and payment transactions between the Russian Federation and Germany have been greatly restricted due to sanctions and restrictions imposed by both sides.
Furthermore, the management board of Ekosem-Agrar AG announces that it has decided, with the consent of the supervisory board, to propose to the noteholders of the EUR 78 million 8.5% partial bearer bonds (ISIN: DE000A1RORZ5 / WKN A1RORZ) ("ESA Bond 2012/2022") and of the EUR 100 million 7.5% partial bearer bonds (ISIN: DE000A2YNR08 / WKN A2YNR0) ("ESA Bond 2019/2024"; ESA Bond 2012/2022 and ESA Bond 2019/2024 together "ESA Bonds") to pass resolutions concerning a restructuring concept for these bonds. The restructuring concept for the ESA Bonds essentially contains the following key points:
- Resolutions on the restructuring of the ESA Bonds, in particular on the prolongation of the maturity dates of the principal claims of the ESA Bonds by further five years in each case and the reduction of the interest rate to 2.5% per annum, combined with a qualified subordination on the interest,
- Resolutions on the exclusions of the put redemption options in case of a change of control in the event of the sale and transfer of the shares held directly and indirectly by Ekosem-Agrar AG in the Russian intermediate holding companies if a sale and transfer becomes necessary for political reasons in Russia to secure the survival of the company and
- Resolution on the appointment of e.Anleihe GmbH with registered office in Stuttgart, represented by its Managing Director Mr Christoph Chardon, as joint representative of the ESA Bond 2012/2022.
In this context, the noteholders of the ESA Bond 2012/2022 are invited to the noteholders' meeting scheduled for 9 May 2022 and the noteholders of the ESA Bond 2019/2024 to the noteholders' meeting scheduled for 10 May 2022, in each case in 74889 Sinsheim. The convening of the noteholders' meetings shall be published today in the German Federal Gazette (Bundesanzeiger).
Ekosem-Agrar AG // T: +49 (0) 6227 3585 919 // E: email@example.com
Press / Investor Relations
Fabian Kirchmann, Anna-Lena Mayer // IR.on AG // T: +49 (0) 221 9140 970 // E: firstname.lastname@example.org